Wind Turbine Rotor Blade Market to Profit from Globalization of Renewable Energy Usage
The Worldwide Wind Turbine Rotor Blade Market was valued at USD USD 18.47 Billion billion in 2021 and is projected to reach USD USD 37.62 Billion billion by 2028, growing at a CAGR of 9.3%% from 2022-2028. Wind Turbine Blades are aerofoil-shaped blades that use wind power and propel the wind turbine rotor. An airfoil-shaped design that produces height in a plane with fixed wings, is used to allow the blades to be raised on the other side of the air.
The Global Market for Wind Turbine Rotor Blade is driven by increased demand for renewable energy sources, as well as increased use of offshore wind turbines. Population growth and improved economic conditions in various parts of the world are improving the global market for wind turbine rotor blades. Increased environmental concerns and economic benefits of wind power are forcing governments around the world to promote market growth in the forecast period. Market growth is driven by lower cost per kWh of wind power generation. Technological advances and the re-empowerment of existing projects present the industry with excellent opportunities. In addition, the economic benefits of wind turbines, as well as the development of rotor blades, encourage investment by governments and trade groups to establish wind turbine technology in a growing economy. This is another factor that is predicted to play a significant role in the growth of the rotor blade market over a period of time. Although a major obstacle to the growth of the wind turbine rotor blade market is that the high cost of R&D and mobility issues are significant barriers to the growth of the global wind turbine rotor blade market. Other factors that are expected to hinder the market growth include the availability of other energy sources such as solar and fuel energy.
The Global Market for Wind Turbine Rotor Blade is divided on the basis of type into carbon fiber and fiberglass. Carbon fiber rotor blades dominate the market in the forecast period. Increasing demand for coastal wind turbines and carbon fiber rotor blades due to their lightweight and high strength presents significant opportunities for industry leaders. Based on location, the market is divided into onshore and offshore. The coastal energy sector has dominated the market. The increasing use of coastal turbines is leading to an increase in the demand for wind turbines, which in turn propagates the growth of turbine blades worldwide.
Regionally, the Global Wind Turbine Rotor Blades Market is distributed in North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The Asia Pacific market is leading the global market for wind turbine rotor blades in terms of revenue. Due to the increased use of wind turbines, as well as increased demand for energy in developing areas. Due to the increasing adoption of professional wind turbines and the availability of favorable environmental conditions, the demand for rotor blades for wind turbines is expected to increase in Europe.
Some of the major players operating within the Global Wind Turbine Rotor Blade market include - Vestas Wind System AS (Denmark), Siemens AG (Germany), Suzlon Energy Limited (India), Gamesa Corporacion Tecnologica (Spain) and Acciona S.A. (Spain).